Family Budgeting; Tips to Cut Costs

By Sarah Horner
March 29, 2009

All families need to eventually discuss the dreaded budget. While it is an ugly and difficult subject to discuss that typically leads to a number of fights, every family, couple and individual needs to know how to budget their spending.

An article from FamilyEducation.com discusses some important things you must keep in mind when establishing a family budget. First it is important to know exactly how much money you have in your budget, you can figure this starting with your monthly income then subtracting the amount you wish to save each month and the amount you wish to set aside for personal savings. The amount you have left is what you have to put towards food, shelter, entertainment, insurance, transportation, health care and clothing.

How you budget when it comes to these items is very important, there are a number of easy ways you can decrease spending. In the case of food, buying in bulk is a great way to save a couple of bucks. Transportation costs can easily be cut back if you can figure out a way to carpool.

While it is an unpleasant subject to disucss, once you figure it out it can lead to much more freedom and much less anxiety when it comes to money and spending. Every family needs to know how much money they have to put towards these every day expenses.

References:

http://life.familyeducation.com/money-management/personal-finance/45270.html?detoured=1